§ 1341 Bank Vehicle Repossession Notice

Financial Code·California

AI SummaryVerified

This law says a bank must tell anyone it hires to track down or take back a car about any official notice it has already received before giving them the job.

Key Takeaways

•Banks must share any notice they get about a car before they pass the job to another party.
•The notice must be given at the same time and in the same way the job is assigned.
•Skipping this step is not allowed by law.

Example

A bank gets a legal notice that a borrower is behind on car payments. The bank then hires a repossession company to go get the car.

Before the repossession company can start, the bank must give that company the same notice the bank received, so the company knows about the legal warning too.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 1341 Bank Vehicle Repossession Notice

A bank, or the agent of a bank, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not make a subsequent assignment to skip trace, locate, or repossess a vehicle without simultaneously, and in the same manner by which the assignment is given, advising the assignee of the assignment of the information contained in the notice. As used in this section, “assignment” has the same meaning set forth in Section 7500.1 of the Business and Professions Code. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 11, 2026

Key Terms

assignment skip trace locate repossess Section 7507.6 Business and Professions Code

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 1341.

§ 1341 Bank Vehicle Repossession Notice

Financial Code·California

AI SummaryVerified

§ 1341 Bank Vehicle Repossession Notice

This law says a bank must tell anyone it hires to track down or take back a car about any official notice it has already received before giving them the job.

Key Takeaways

•Banks must share any notice they get about a car before they pass the job to another party.
•The notice must be given at the same time and in the same way the job is assigned.
•Skipping this step is not allowed by law.

Example

A bank gets a legal notice that a borrower is behind on car payments. The bank then hires a repossession company to go get the car.

Before the repossession company can start, the bank must give that company the same notice the bank received, so the company knows about the legal warning too.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 1341 Bank Vehicle Repossession Notice

Last verified: January 11, 2026

Key Terms

assignment skip trace locate repossess Section 7507.6 Business and Professions Code

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 1341.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References